The AUD has found some welcome support over the past few days, making gains against a host of the major currencies.
GBP/AUD have moved back below 1.77, whilst the AUD found support against both the EUR & USD.
This positive spike can most likely be attributed to the weak US wage growth report, which cast doubt over whether the US Fed would raise interest rates at their next policy meeting on March 21st.
Up until his report the US economy had seemingly been on a constant upward curve, which h meant investors started to factor in multiple interest rate hikes this year. On top of this President Donald Trump’s current ‘trade wars’, where is he looking to heavily tax any imported steel or aluminium products, has also put pressure on the USD, which in turn has helped to boost the AUD.
With investors moving their funds away from the USD over the past couple of days, the AUD has been one of the main benefactors, with hoping to take advantage of higher yielding interest and greater profit.
However, this trend may not last should the FED decide to hike rates later this month, so it may be prudent to take advantage of the current spike, for any clients with upcoming AUD currency exchanges to execute.
Looking at GBP/AUD rates and the AUD has found plenty of support around the current levels. However, despite this week’s improvements it has yet to make a substantial move back towards 1.75.
With Brexit concerns still handicapping any major advances for the Pound, it is likely GBP/AUD rates will continue to remain fairly range bound over the coming days.
If you have an upcoming AUD currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.